There’s an interesting narrative unfolding in the crypto sphere which signals that cryptocurrency could hold significant sway in the 2024 United States elections. Brian Armstong, CEO of the prominent crypto exchange Coinbase, recently voiced his firm belief in the crypto community’s voting power in a conversation with Yahoo Finance.
Armstrong asserts that politicians might be underestimating the influence of the crypto voting block. With the backdrop of increasing global adoption and impending regulations, the clear stand of American voters on cryptocurrency could be pivotal in swaying the election. Candidates might need to articulate their positions on crypto in order not to alienate this substantial voter base.
As the crypto sector grapples with the need for harmonized regulations worldwide, Armstrong pointed three potential pathways for cryptos’ regulation in the United States – judicial scrutiny, legislative action, and oversight by regulatory bodies like CFTC. He highlighted that countries like the UK, Canada, Brazil, Australia, and the UAE have already pioneered crypto legislation with prospective strides. In fact, an overwhelming “83% of the G20 countries now have crypto legislation either already in place or in progress.”
According to Armstrong’s estimates, nearly 56 million Americans have already embraced cryptocurrencies such as Bitcoin or Ether, a number that far dwarfs owners of electric vehicles. This could imply a sizable vote bank that is invested and interested in the future of cryptocurrencies.
While a crypto-friendly stand might not completely align with the expectation of mainstream American voters, it has the potential to pique their interest. These dynamics could possibly make crypto a hot-button issue in the presidential race of 2024.
Touching upon the future of stablecoins, Armstrong also mentioned the work his company is laying the groundwork for “flatcoins.” Unlike conventional stablecoins, these would be pegged in a way to maintain their purchasing power over extended periods. This novel concept has been the subject of discussion among other crypto influencers, solidifying the notion that crypto regulations and advancements are likely to play a significant part in shaping the financial landscape.
Overall, the conversation is subtly shifting from whether cryptos will continue existing to how they will be regulated.
Source: Cryptonews
